Popular Indian company boAt, known for its audio and USB accessories announced about a $100 million (Rs. 731 crores) funding from Warburg Pincus, a leading global private equity fund that focuses on growth based investment. This is the second time that boAt has received a funding investment, with the $60 million (Rs. 440 crores) investment from South Lake a few time ago.
With these fundings, the Indian company boAt is now evaluated to be valued over $300 million (Rs. 2192 crores). The YoY growth of boAt is now at 100% with a great profit profile as well. The company is also the 5th largest wearables brand globally, as per IDC reports.
The investment from foreign players will surely help boAt in its growth not just in India, but globally as well. The company is known to provide quality products at affordable prices which makes the business model of boAt very successful. The company aims to expand its business in various other aspects as well and has a major focus on ‘Make-In-India’ contributing to both the economy and employment in India.
Mr. Aman Gupta, Co-Founder of boAt commented on the same by saying,
We welcome Warburg Pincus as a new investor into the company. This is a vote of confidence for our business model and growth prospects. The investment is great news for not only the company but for the entire D2C sector. The investment has come at the right time as we make efforts to ramp up our manufacturing and global supply chain.
Mr. Sameer Gupta, Co-Founder boAt also shared his thoughts over this investment,
As boAt enters the next phase of growth and innovation, we look forward to benefitting from Warburg’s pedigree, collective experience and resources in helping us scale. Going forward, with the Government’s support, we will focus on building capabilities in domestic R&D and undertake vertical integration across both the hearable and wearable space to establish India as a global supplier.